Toronto, September 28, 2021 – The University of Victoria Students’ Society (UVSS), a unique non-profit organization that is dedicated to improving life on campus for students, has become the first Vancouver Island employer to join CAAT’s DBplus.
By joining DBplus, UVSS permanent employees represented by the United Steelworkers now have access to a secure lifetime pension with early retirement options, survivor benefits and inflation protection. UVSS is in good company with other non-profits like the Ontario Dental Association, New Digital Research Infrastructure Organization, the George Hull Centre, and the Vancouver Foundation, who have also recently joined the innovative DBplus.
These, and more than 80 other employers have recognized the benefits that DBplus can offer both employees and employers, as a low risk, fixed-cost pension solution that provides a secure pension for life to their hard-working employees
DBplus was first launched in 2019 as a response to the growing need of employers of all sizes and industries across Canada for a flexible and simple pension plan option that would provide high value to their employees. CAAT launched its award-winning DBplus design motivated by the goal of providing Canadian workplaces with all the benefits of a defined benefit pension plan, and none of the associated liabilities, risks, or administration costs to the employer of running their own plan.
More than 50 years after being established, CAAT has welcomed over 70,000 members working in 10 industries across Canada, and has support and participation from 16 unions and member associations.
Quotes:
“Welcoming UVSS to CAAT illustrates exactly what DBplus can help achieve. Through the peace of mind offered by joining DBplus, UVSS and its employees can now focus on their core mandate and contributing to social good, while CAAT’s team takes care of everything pension-related.”
Derek W. Dobson, CEO, CAAT Pension Plan
“At UVSS we’re committed to providing relevant, meaningful and accessible services to our students. We’re delighted that by joining DBplus, we’re in a position to help build a better retirement future for our employees so they can continue to focus on delivering those high-quality services.”
Katie McFarlin, Administration and Services Manager, UVSS
About CAAT Pension Plan:
Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers two designs of a defined benefit pension. CAAT's award-winning DBplus plan is leading an extraordinary pace of growth for the Plan. Originally created to support the Ontario college system, the CAAT Plan now proudly serves more than 125 participating employers from various sectors including the for-profit, nonprofit, and broader public sectors. Currently, it has over 70,000 active and retired members. The CAAT Plan is respected for its pension and investment management expertise and focus on stability and benefit security. At January 1, 2021, the Plan was 119% funded on a going-concern basis. Learn more at: www.caatpension.ca.
About the University of Victoria Students’ Society
Founded in 1964, the UVSS is a social justice based non-profit run by students, for students. The UVSS is separate from the University and runs a successful social enterprise that includes nine unique businesses. The students’ society exists to provide advocacy, representation, services, and events for its members. The UVSS works on issues affecting students, such as post-secondary funding, public transit, sexualized violence, campus sustainability, student employment, and affordable housing.
About United Steelworkers Canada
The USW is the largest private sector union in North America with more than 225,000 members in Canada and more than 850,000 members continent-wide. The USW is Canada's most diverse union, representing men and women working in every sector of the economy. Members of the USW work in nearly every industry and in every job imaginable, in all regions of the country. They work in call centres and credit unions, mines and manufacturing plants, offices and oil refineries, restaurants and rubber plants, sawmills and steel mills and security companies. They work in nursing homes, legal clinics, social agencies and universities. The USW stands for unity and strength for workers.
For more information:
Media Relations
CAAT Pension Plan
media@caatpension.ca